Allentown, PA - Freshest Figures for New Home Sales Suggest Market Decline is Mounting
Posted on: May 06, 2012 09:10:40 AM
In the Allentown, PA market in January, new home sales fell year-over-year, and the percentage drop, which was more severe than December 2011, gave signs of weakening market conditions. New home sales saw a 17.9% decline from a year earlier to 32. This was after the housing market saw a 5.0% decline year-over-year in December.
A total of 546 new homes were sold during the 12 months that ended in January, down from 553 for the year that ended in December.
New home sales represented 6.9% of overall housing sales, less than the 8.1% of sales a year earlier. Following a year-over-year increase in December, sales of new and existing homes fell year-over-year in January.
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Pricing and Mortgage Trends
The average per-unit value of new homes declined to $283,397 in January, a decline of 5.2% year-over-year from a year earlier. The decline is a downward shift from a 3.6% rise in December year-over-year.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. In January 2012, average mortgage size slid 10.9% from a year earlier to $224,895. In December 2011, average mortgage size declined 11.8% from a year earlier. Of the overall sale price, the percentage that was being financed slipped 5.1 percentage points year-over-year to 79.4% in January 2012.
Allentown, PA - Freshest Figures for New Home Sales Suggest Market Decline is Mounting
Posted on: May 06, 2012 09:10:40 AM
In the Allentown, PA market in January, new home sales fell year-over-year, and the percentage drop, which was more severe than December 2011, gave signs of weakening market conditions. New home sales saw a 17.9% decline from a year earlier to 32. This was after the housing market saw a 5.0% decline year-over-year in December.
A total of 546 new homes were sold during the 12 months that ended in January, down from 553 for the year that ended in December.
New home sales represented 6.9% of overall housing sales, less than the 8.1% of sales a year earlier. Following a year-over-year increase in December, sales of new and existing homes fell year-over-year in January.
Pricing and Mortgage Trends
The average per-unit value of new homes declined to $283,397 in January, a decline of 5.2% year-over-year from a year earlier. The decline is a downward shift from a 3.6% rise in December year-over-year.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. In January 2012, average mortgage size slid 10.9% from a year earlier to $224,895. In December 2011, average mortgage size declined 11.8% from a year earlier. Of the overall sale price, the percentage that was being financed slipped 5.1 percentage points year-over-year to 79.4% in January 2012.
Other Market Trends
Sales of attached units, as a percentage of new home sales, have risen from last year while sales of single-family homes have slumped. Attached unit sales jumped from 41.0% of all sales in January 2011 to 43.8% of sales in January 2012. Meanwhile, single-family home sales as a percentage of all new home sales dropped to 56.2% of sales from 59.0% of sales.
Foreclosures and real estate owned (REO) sales remained a drag on the market. Out of all existing home sales, foreclosures combined with REO sales made up 38.5% of sales. They represented 46.9% in January 2011. The percentage of existing home sales involving foreclosures dipped to 23.2% in January from 26.8% a year earlier while REO sales as a percentage of existing home sales declined to 15.3% from 20.2% a year earlier.
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Source: Housing Intelligence